Forget Battle Arena 2 ever happened. This is a true sequel.
[Game Play] - Loads of characters to unlock, a long arcade mode, practice mode, the addition of a save feature, addition to change the game's frame rate for faster game play, although the game play itself is pretty fast, all the original characters with new ones, and just plain fun. A.I. ain't that great, as they tend not to try to attack you as quickly as you want them to. The hardest difficulty setting is not really that hard. This time around, all the arenas are enclosed, but the walls can be used to slam opponents into them, and also to counter attack by bouncing off them and attacking the enemy is cool.
[Graphics] - Better than the 2nd one, but the ability to change the frame rate in the game means to sacrifice the graphics, leaving the characters and backgrounds very blocky, and not so attractive.
[Sound] - Pretty good, still some lame rock tunes, but does'nt make your ears bleed.
[Overall] - If you're a fan of the Toshinden series, and happen to spot this one in a bargain bin, I suggest picking it up. It will keep you playing for a long enough time.